Sinopec will expand the capacity of its Hainan refinery to 13 million metric tpy of crude oil, or about 261,000 bpd from the current 8 million tons, or 160,000 bpd, the ministry said in a statement Sunday on its website. The company will also build a new ethylene unit with an annual capacity of 1 million tons.

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By ZHOUDONG SHANGGUAN

BEIJING -- China Petrochemical Corp., known as
Sinopec Group, has received approval from China's environmental watchdog to expand its
refinery complex in southern China's
Hainan province, the Ministry of Environmental Protection said.

Sinopec will expand the capacity of its Hainan refinery to 13 million metric tpy of
crude oil, or about 261,000 bpd from the current 8 million
tons, or 160,000 bpd, the ministry said in a statement Sunday
on its website.

Meanwhile, the company will build a new ethylene unit with
an annual capacity of 1 million tons, the statement said.

Total investment in the expansionproject will be 41.72 billion yuan
($6.64 billion), it said, without giving a timetable for the
completion of the project.

Sinopec is China's top ethylene producer and accounts for
about two-third of China's total output. It produced 9.45
million tons of ethylene last year, the company said in
January.

In 2012, China produced 14.87 million tons of ethylene, down
2.5%, according to the Ministry of Industry and Information Technology.

Dow Jones Newswires

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15,000 jobs for $1.7 billion. That's $113,000 per job. I think it's snoethimg like a ten year credit so that's $11,300 a year per job. Give my company that subsidy directly and I'll hire a worker to match each and every job credit . And THAT money will stay right here in our community, not be shipped off to Holland or far flung shareholder accounts.